Elderly Parents Credit Card Debt

[jab1046]

What is the name of your state? Wisconsin

My parents are both in their mid 70's. They have accumulated approximately $20,000 in credit card debt. (gambling) They own no property and are making payments on their automobile. Their monthly social security income is $1500.00. My father works part time and his income is very minimal. They have absolutely no way of repaying the outstanding credit card debt. They have stopped making payments on all credit cards. What is the worst thing that could happen to them?

Thanks for your assistance,
jab1046

 

[cmorris]

The worst is they get sued and have a judgment against them. I'm not sure on Wisconsin state law, but any creditors that obtain a judgment might be able to seize bank accounts, attach a lien to the vehicle, and garnish wages. They cannot touch the social security, even in the bank. If they seize the bank account(s) and it has SS funds, it will have to be returned.

I'll have to do more research to see about the lien, garnishment, etc.

 

[cmorris]

http://www.legis.state.wi.us/statutes/Stat0812.pdf

 

[cmorris]

http://www.bankruptcyaction.com/wiexemptions.htm

 

[jab1046]

The worst is they get sued and have a judgment against them. I'm not sure on Wisconsin state law, but any creditors that obtain a judgment might be able to seize bank accounts, attach a lien to the vehicle, and garnish wages. They cannot touch the social security, even in the bank. If they seize the bank account(s) and it has SS funds, it will have to be returned.

I'll have to do more research to see about the lien, garnishment, etc.

Thanks for your help. If they get sued and have a judgement against them, what does that really mean if they still do not have the ability to pay the debt?

Thanks,
jab1046